the release of a player from a sports team's roster while maintaining the payment contract (which may be offset or replaced by a contract with another team)
We were facing the 52 player limit, so wanted to move him to our practice squad for a year. But under league rules that meant we had to waive him and unfortunately for us, another team signed him.
He hurt his knee and placed him on our physically unable to perform list. If we don’t activate him before the final cut-down date, he’ll have to sit out the fist six weeks of the season. After the sixth game, we would have three weeks to place him on the active roster, injured reserve or waive him.